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POST UTME DELSU 2024 Accounting | Objective

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Question 1

A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. Calculate the total amount received from the issue of shares.

A. £ 10,000

Correct B. £ 15,000

C. £ 20,000

D. £ 25,000

Correct Answer: B

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Question 2

A trader purchases goods for £ 10,000 and sells them for £ 15,000. Calculate the profit made by the trader.

A. £ 5,000

B. £ 10,000

Correct C. £ 15,000

D. £ 20,000

Correct Answer: C

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Question 3

A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash | 1,000 | | | 2nd Jan | Bank | | 500 | | 3rd Jan | Cash | | 800 | Calculate the balance in the cash book.

Correct A. £ 1,800

B. £ 2,000

C. £ 2,500

D. £ 3,000

Correct Answer: A

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Question 4

A. £ 0

B. £ 25,000

Correct C. £ 50,000

D. £ 75,000

Correct Answer: C

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Question 5

A. £ 25,000

Correct B. £ 50,000

C. £ 75,000

D. £ 100,000

Correct Answer: B

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Question 6

The partnership accounts of XYZ Ltd. show a profit of ₦120,000. The capital of the partners is divided in the ratio 3:5:7. If the total capital is ₦600,000, calculate the amount of profit to be divided among the partners.

A. ₦36,000

Correct B. ₦60,000

C. ₦90,000

D. ₦120,000

Correct Answer: B

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Question 7

A company's cash book shows a balance of ₦150,000. The bank statement shows a balance of ₦180,000. The difference is due to an outstanding cheque of ₦20,000 and a deposit in transit of ₦10,000. Calculate the correct balance of the company's cash book.

A. ₦140,000

B. ₦150,000

Correct C. ₦160,000

D. ₦170,000

Correct Answer: C

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Question 8

A company's trading account shows a profit of ₦200,000. The profit and loss account shows a net profit of ₦250,000. The balance sheet shows a net worth of ₦500,000. Calculate the amount of dividends to be paid to the shareholders.

A. ₦100,000

B. ₦150,000

C. ₦200,000

Correct D. ₦250,000

Correct Answer: D

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Question 9

A company's assets are valued as follows: Buildings ₦200,000, Machinery ₦150,000, and Vehicles ₦100,000. The company uses the straight-line method of depreciation. Calculate the amount of depreciation for the year.

A. ₦20,000

B. ₦30,000

Correct C. ₦40,000

D. ₦50,000

Correct Answer: C

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Question 10

A company's balance sheet shows the following: Assets ₦500,000, Liabilities ₦200,000, and Share Capital ₦300,000. Calculate the amount of retained earnings.

A. ₦0

B. ₦50,000

Correct C. ₦100,000

D. ₦150,000

Correct Answer: C

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Question 11

A partnership was formed between three individuals, A, B, and C, with initial capital contributions of ₦150,000, ₦200,000, and ₦250,000 respectively. After one year, the partnership made a profit of ₦500,000. The profit-sharing ratio is 3:5:7. Calculate the amount of profit shared by partner C.

A. ₦175,000

B. ₦187,500

Correct C. ₦200,000

D. ₦212,500

Correct Answer: C

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Question 12

A company uses the weighted average method to value its inventory. The cost of goods available for sale is ₦1,500,000, and the total cost of the ending inventory is ₦1,200,000. If the company uses a perpetual inventory system, what is the cost of goods sold?

A. ₦300,000

Correct B. ₦400,000

C. ₦500,000

D. ₦600,000

Correct Answer: B

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Question 13

A manufacturing company produces two products, X and Y. Product X requires 2 hours of direct labor and 1 hour of indirect labor, while product Y requires 1 hour of direct labor and 2 hours of indirect labor. If the company produces 100 units of product X and 50 units of product Y, what is the total direct labor cost?

A. ₦15,000

B. ₦20,000

Correct C. ₦25,000

D. ₦30,000

Correct Answer: C

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Question 14

A company uses the straight-line method to depreciate its assets. The asset has a useful life of 10 years and a residual value of ₦50,000. If the asset cost ₦500,000, what is the annual depreciation expense?

A. ₦45,000

Correct B. ₦50,000

C. ₦55,000

D. ₦60,000

Correct Answer: B

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Question 15

A company has the following ledger accounts: Cash ₦100,000, Accounts Payable ₦50,000, Common Stock ₦200,000, and Retained Earnings ₦150,000. What is the total equity of the company?

A. ₦450,000

B. ₦500,000

Correct C. ₦550,000

D. ₦600,000

Correct Answer: C

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Question 16

A company uses the single-entry system of accounting. The following transactions were recorded in the cash book for the month of January:

A. ₦15,000

Correct B. ₦20,000

C. ₦25,000

D. ₦30,000

Correct Answer: B

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Question 17

A company's trial balance as at 31st December, 2023 is as follows:

A. ₦100,000

B. ₦120,000

Correct C. ₦150,000

D. ₦180,000

Correct Answer: C

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Question 18

A company's cash book shows the following transactions for the month of January:

A. ₦10,000

Correct B. ₦15,000

C. ₦20,000

D. ₦25,000

Correct Answer: B

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Question 19

A company's bank reconciliation statement as at 31st December, 2023 is as follows:

A. ₦50,000

B. ₦60,000

Correct C. ₦70,000

D. ₦80,000

Correct Answer: C

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Question 20

A company's partnership accounts as at 31st December, 2023 are as follows:

A. ₦100,000

B. ₦120,000

Correct C. ₦150,000

D. ₦180,000

Correct Answer: C

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Question 21

A company uses the straight-line method to depreciate its assets. If the asset's cost is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?

A. ₦24,000

Correct B. ₦20,000

C. ₦25,000

D. ₦30,000

Correct Answer: B

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Question 22

A bank's cash book shows a balance of ₦500,000. However, the bank statement shows a balance of ₦550,000. What is the difference between the two balances?

Correct A. ₦20,000

B. ₦30,000

C. ₦40,000

D. ₦50,000

Correct Answer: A

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Question 23

A company's cash book shows the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1/1 | Cash | ₦10,000 | | | 1/2 | Goods | | ₦15,000 | | 1/3 | Cash | ₦20,000 | | What is the balance in the cash account?

Correct A. ₦30,000

B. ₦20,000

C. ₦10,000

D. ₦0

Correct Answer: A

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Question 24

A company's trial balance shows the following accounts: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | | | Goods | | ₦15,000 | | Sales | ₦20,000 | | What is the total of the debit and credit balances?

A. ₦45,000

Correct B. ₦50,000

C. ₦55,000

D. ₦60,000

Correct Answer: B

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Question 25

A company's balance sheet shows the following assets: | Asset | Value | | --- | --- | | Cash | ₦10,000 | | Goods | ₦15,000 | | Equipment | ₦20,000 | What is the total value of the assets?

A. ₦45,000

B. ₦50,000

C. ₦55,000

Correct D. ₦60,000

Correct Answer: D

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